Stocks selloff sharply Thursday, extending the recent downturn as investors continued to worry that Europe’s debt problems will slow a bigger global economic recovery.
The Dow Jones industrial average (INDU) lost as much as 570 points in volatile trading. At 2:45 p.m it was down 480 points, or 4.4% lower. The S&P 500 index (SPX) slipped 32 points, or 2.8%. The Nasdaq composite (COMP) dropped 78 points, or 3.3%.
Stocks have been sliding on and off for the last two weeks as investors mull the ramifications of the growing debt crisis in Europe. While European leaders have pledged to provide Greece with $146 billion in loans over the next three years, attempts by the nation to institute certain “austerity” measures to bring down the deficit have sparked riots and other violent outbursts.
Full story: Dow falls over 500 points – CNN Money